Please join us in sending a letter to Director Mick Mulvaney rejecting his recent comments that the CFPB lacks the authority to oversee Federal student loans and urging him to reinstate an information-sharing agreement with the Education Department to enhance
oversight on the student loan industry.

In an
appearance on CNBC, Director Mulvaney responded to former Student Loan Ombudsman Seth Frotman’s
resignation letter by inaccurately asserting that “The [Dodd Frank] statute gives us CFPB responsibility forprivate student loans…Under a handshake agreement in the Obama administration, the Bureau was going after regulatingpublic student loans, which is most of them—92 percent of them. We said, no, no, no, the statute says we’re going to be responsible forprivate student loans. That’s what we’re going to do, and apparently he [the ombudsman] didn’t like that.”

This is a blatant misreading of Congressional intent. Dodd-Frank expressly gives the CFPB the authority to conduct oversight of Federal student loans, and explicitly directs the Education Department and the CFPB to form an information-sharing MOU to help
meet this mandate. The Trump administration
terminated an MOU that helped the CFPB return $750 million to student borrowers and has refused to reinstate it.

We will never address our student debt crisis without adequate oversight—and the CFPB is uniquely positioned to protect borrowers while holding the student loan industry accountable. Join us in sending this letter to ensure the CFPB has all the tools it
needs to do its job and ensure student loans work for students and taxpayers.